M&C Saatchi closes LA office as value drops to £30m

M&C Saatchi LA is one of the first high profile agency casualties of the Covid-19 virus, announcing its closure on Twitter.

Although not especially big, an LA outpost is important to any agency with global ambitions but M&C was already badly wounded by the accounting scandal that saw it put aside £11.6m last year to cover various irregularities. It’s still waiting for a full financial report.

The agency, which has a big international network, albeit partly-owned for the most part, is now valued at a seemingly bargain basement £30m compared to a high before the scandal broke of over £400m. All agency share prices have taken a powder in the crisis of course (WPP is valued at just above £6bn compared to a high some years ago of £20bn) but M&C’s days of independence – even survival – look numbered.

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